The sale proceeds is expected to help Chicken King Ranjit Boparan’s Boparan Holdings, the owner of UK poultry producer 2 Sisters Food Group to cut down its debt and use the money to invest in its key businesses.

Goodfella’s Pizza prepares a range of branded and private label frozen pizzas in Ireland and the UK, which includes the Goodfella’s pizza brand. Founded in 1993, the Goodfella’s pizza brand holds the first and second positions as far as the market shares are concerned in the frozen pizza segment in Ireland and the UK, respectively.

Nomad Foods has also acquired the San Marco brand and two frozen pizza manufacturing facilities through the transaction.

Stefan Descheemaeker – CEO of Nomad Foods said: “Goodfella’s represents an important step in expanding our share of the frozen food category in Western Europe. The transaction is expected to be immediately accretive to earnings and creates a complementary avenue of growth to our base business, which continues to gain market share.

“We are excited to welcome Goodfella’s to the Nomad Foods organization and look forward to driving shareholder value by combining our scale and commercial capabilities with their deep knowledge and expertise of the attractive frozen pizza category.”

Nomad Foods estimates the acquisition of Goodfella’s Pizza, which was funded through cash on hand, will be accretive immediately to adjusted EBITDA and adjusted earnings per share, and inside two years earn around €150 million revenue, €22 to €25 million adjusted EBITDA to go along with €0.08 to €0.09 adjusted earnings per share.